45719294 2025-07-01 2025-12-31 45719294 2025-07-01 2025-12-31 45719294 2025-07-01 2025-12-31 Ayse Özden Thrane 45719294 2025-07-01 2025-12-31 William Henry Johnson 45719294 2025-07-01 2025-12-31 11 45719294 2025-07-01 2025-12-31 22 45719294 2025-07-01 2025-12-31 45719294 2025-12-31 45719294 2025-07-01 2025-12-31 45719294 2025-07-01 2025-12-31 iso4217:EUR xbrli:pure Davy PledgeCo ApS 45719294 Årsrapport 2025-07-01 2025-12-31 C/O Scandinavian Trust ApS Strandvejen 125 2900 Hellerup 2026-08-19 Ayse Özden Thrane Ayse Özden Thrane William Henry Johnson <p xmlns="http://www.w3.org/1999/xhtml">Deloitte</p> <p xmlns="http://www.w3.org/1999/xhtml">Statsautoriseret Revisionspartnerselskab </p> 33963556 Jakob Lindberg State Authorised Public Accountant mne40824 <p xmlns="http://www.w3.org/1999/xhtml">Deloitte</p> <p xmlns="http://www.w3.org/1999/xhtml">Statsautoriseret Revisionspartnerselskab </p> 33963556 Michael Riddersholm Høj State Authorised Public Accountant mne51504 <p xmlns="http://www.w3.org/1999/xhtml" class="title">Statement by Management</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Executive Board has today finalized and approved the annual report for the financial year 1. July 2025 - 31. December 2025 for Davy PledgeCo ApS.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The annual report is prepared in accordance with the Danish Financial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">In our opinion, the annual accounts give a true and fair view of the company's assets, liabilities, financial position and results. At the same time, in our opinion, the management report contains a true and fair account of the matters covered.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">In our opinion, the management report contains a true and fair account of the matters covered</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The annual report is recommended for approval at the general meeting.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Copenhagen 19. August 2026</p> Opinion <p xmlns="http://www.w3.org/1999/xhtml">We have audited the financial statements of Davy PledgeCo ApS for the financial year 1. July 2025 - 31. December 2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml">In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31. December 2025 and of the results of its operations for the financial year 1. July 2025 - 31. December 2025 in accordance with the Danish Financial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. <p xmlns="http://www.w3.org/1999/xhtml" class="title">Management's responsibility for the financial statements</p> <p xmlns="http://www.w3.org/1999/xhtml">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</p> <p xmlns="http://www.w3.org/1999/xhtml">In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Auditor's responsibilities for the audit of the financial statements</p> <p xmlns="http://www.w3.org/1999/xhtml">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</p> <p xmlns="http://www.w3.org/1999/xhtml">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:</p> <p xmlns="http://www.w3.org/1999/xhtml">Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</p> <p xmlns="http://www.w3.org/1999/xhtml">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.</p> <p xmlns="http://www.w3.org/1999/xhtml">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</p> <p xmlns="http://www.w3.org/1999/xhtml">Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.</p> <p xmlns="http://www.w3.org/1999/xhtml">Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</p> <p xmlns="http://www.w3.org/1999/xhtml">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Statement on the Management Report</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Management is responsible for the management report.</p> <p xmlns="http://www.w3.org/1999/xhtml">Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.</p> <p xmlns="http://www.w3.org/1999/xhtml">In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.</p> <p xmlns="http://www.w3.org/1999/xhtml">Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.</p> <p xmlns="http://www.w3.org/1999/xhtml">Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> København 2026-08-19 <p xmlns="http://www.w3.org/1999/xhtml" class="title">Principal Activities</p> <p xmlns="http://www.w3.org/1999/xhtml">The Company's principal activity is the ownership of equity investments in other companies and any activities related thereto.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Significant events occurring after the end of the financial year 2025</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Subsequent to the end of the financial year, the Company was placed into compulsory dissolution on 12 August 2026. The Company subsequently obtained a declaration for reinstatement on 19 August 2026 after having fulfilled the statutory requirements, including obtaining an auditor’s statement and remedying the circumstances that led to the compulsory dissolution. Management assesses that the reinstatement does not affect the going concern assumption.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Accounting policies</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Basis for financial statements</p> <p xmlns="http://www.w3.org/1999/xhtml">This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Consolidated financial statements</p> <p xmlns="http://www.w3.org/1999/xhtml">Referring to section 110 of the Danish Financial Statements Act, no consolidated financial statements have been prepared.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Non-comparability</p> <p xmlns="http://www.w3.org/1999/xhtml">This is the Entity's first financial year, where the figures comprise the period 01.07.2025 - 31.12.2025. For this reason comparative figures has not been disclosed.</p> <p xmlns="http://www.w3.org/1999/xhtml" class="title"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Recognition and measurement</p> <p xmlns="http://www.w3.org/1999/xhtml">Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Income Statement</p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Gross profit or loss</p> <p xmlns="http://www.w3.org/1999/xhtml">Gross profit or loss comprises external expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Other external Expenses</p> <p xmlns="http://www.w3.org/1999/xhtml">Other external expenses include expenses relating to the Entity’s normal activities.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Balance Sheet</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Investments in group enterprises</p> <p xmlns="http://www.w3.org/1999/xhtml">Investments in group enterprises are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Other financial liabilities</p> <p xmlns="http://www.w3.org/1999/xhtml">Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> -3012556 -3012556 112528836 112528836 109516280 49777 3012556 0 -3012556 112528836 112528836 112479059 -3012556 3012556 3012556 112528836 <table xmlns="http://www.w3.org/1999/xhtml" class="clob table-col"> <tr> <td class="title">Statement of Changes in Equity 2025</td> <td class="title"> </td> <td class="title"> </td> <td> </td> <td> </td> <td class="title"> </td> <td> </td> <td class="title"> </td> </tr> <tr> <td class="title"> </td> <td class="title"> </td> <td class="title"> </td> <td> </td> <td> </td> <td class="title"> </td> <td> </td> <td class="title"> </td> </tr> <tr> <td> </td> <td class="title">Contributed capital EUR</td> <td> </td> <td class="title">Share premium EUR</td> <td> </td> <td class="title">Retained earnings EUR</td> <td> </td> <td class="title">Total EUR</td> </tr> <tr> <td>Contributed upon formation</td> <td style="text-align: right">2.678</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.678</td> </tr> <tr> <td>Increase of capital</td> <td style="text-align: right">47.099</td> <td> </td> <td style="text-align: right">112.479.059</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">112.526.158</td> </tr> <tr> <td>Profit/loss for the year</td> <td style="text-align: right">0</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-3.012.556</td> <td> </td> <td style="text-align: right">-3.012.556</td> </tr> <tr> <td class="title">Equity end of year</td> <td class="title bottom-line" style="text-align: right">49.777</td> <td> </td> <td class="title bottom-line" style="text-align: right">112.479.059</td> <td> </td> <td class="title bottom-line" style="text-align: right">-3.012.556</td> <td> </td> <td class="title bottom-line" style="text-align: right">109.516.280</td> </tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> </table> <p xmlns="http://www.w3.org/1999/xhtml" class="title">Contingent Liabilities etc.</p> <p xmlns="http://www.w3.org/1999/xhtml" class="title"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for these entities.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Entity has no other contingent, guarantee, surety or lease obligations.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> 33883889 XBRL Takeoff ApS Ole Larsensvej 1 2670 Greve Regnskabsklasse B Revisionspåtegning